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Investments in associates and joint ventures (Tables)

12 Months Ended

Jun. 30, 2020

Investments In Associates and Joint Ventures [Abstract]

Schedule of investments in joint ventures

		06.30.20				06.30.19
Beginning of the year			36,212				52,739
Adjustment of previous years (IFRS 9 and IAS 28)			(1,979	)			-
Share-holding increase in associates and joint ventures			2,774				697
Capital contribution			2,852				163
Share of profit / (loss)			8,812				(7,328	)
Decrease for control obtainment (Note 4)			-				(153	)
Currency translation adjustment			9				(429	)
Cash dividends (i)			(1,846	)			(1,734	)
Sale of associates			-				(7,178	)
Capital reduction			(106	)			(672	)
Other comprehensive loss			(1,244	)			-
Deconsolidation (ii)			29,176				-
Reclassification to held-for-sale			(2,070	)			-
Incorporation by business combination			2,517				212
Others			4				(105	)
End of the year (iii)			75,111				36,212

(i)

See Note 32.

(ii)

Includes Ps. (17) and Ps. (8,658) reflecting interests in companies with negative equity as of June 30, 2020 and 2019, respectively, which are disclosed in “Provisions” (see Note 21).

Schedule of comprehensive income

		% of ownership interest held												Value of Group’s interest in equity								Group’s interest in comprehensive income
Name of the entity		06.30.20				06.30.19				06.30.18				06.30.20				06.30.19				06.30.20				06.30.19				06.30.18

New Lipstick			49.96	%			49.96	%			49.90	%			467				(8,658	)			7,633				(3,199	)			(5,292	)
BHSA (1)			29.91	%			29.91	%			29.91	%			4,073				4,451				(380	)			(2,411	)			416
Condor (2)			18.89	%			18.89	%			28.10	%			1,481				1,392				120				39				596
PBEL			45.00	%			45.40	%			45.40	%			-				1,979				-				(117	)			416
Shufersal (5)			26.02	%			26.02	%			33.56	%			28,111				23,013				5,215				297				-
Quality (3)			50.00	%			50.00	%			50.00	%			2,101				1,869				185				(583	)			876
La Rural S.A.			50.00	%			50.00	%			50.00	%			203				101				102				144				(44	)
TGLT			30.50	%			-				-				2,059				-				(116	)			-				-
Cresca S.A. (4)			50.00	%			50.00	%			50.00	%			21				20				(16	)			18				1
Mehadrin			45.41	%			45.41	%			45.41	%			-				4,845				-				(111	)			1,276
Gav-Yam			34.90	%			-				-				27,277				-				(786	)			-				-
Other associates and joint ventures			-				-				-				9,318				7,200				(3,136	)			(1,834	)			2,368
Total associates and joint ventures															75,111				36,212				8,821				(7,757	)			613

Last financial statement issued

Name of the entity

Place of business /
Country of
incorporation

Main
activity

Common
shares 1 vote

Share capital
(nominal value)

Income /
(loss) for the year

Shareholders’
equity

New Lipstick

United States

Real Estate

N/A

-

(*) 179

(*) (31)

BHSA (1)

Argentina

Financing

448,689,072

(***) 1,500

(***) (1,272

)

(***) 13,186

Condor (2)

United States

Hotel

2,245,100

(*) 232

(*) (9

)

(*) 86

PBEL

India

Real Estate

(**) 1

(**) (2)

(**) -

(**) (2)

Shufersal (5)

Israel

Retail

123,917,650

(**) 1,399

(**) 310

(**) 1,930

Mehadrin

Israel

Agriculture

N/A

N/A

N/A

N/A

Gav-Yam

Israel

Real Estate

639,727

(**) 1,356

(**) 411

(**) 3,496

Quality (3)

Argentina

Real Estate

163,039,244

326

370

4,140

La Rural S.A.

Argentina

Event organization and others

714,498

1

224

327

TGLT

Argentina

Real Estate

279,502,813

925

(311

)

6,004

N/A: Not applicable.

(1)

BHSA is a commercial bank of comprehensive services that offers a variety of banking and financial services for individuals, small and medium business and large companies. The market price of the share is 8.45 pesos per share. The effect of the treasury shares in the BHSA portfolio is considered for the calculation.

(2)

Condor is an investment company focused on US hotels. The price of its shares as of June 30, 2020 is US$ 4.07 per share

(3)

Quality is dedicated to the exploitation of the San Martín property (former property of Nobleza Piccardo S.A.I.C. and F.).

(4)

Cresca is a joint venture between the Company and Carlos Casado S.A. with agricultural operations in Paraguay.

(5)

Shufersal is a company that has supermarkets and pharmacies in Israel, the market price of the share is NIS 22,59 as of June 30, 2019.

(*)

Amounts presented in millions of US dollars under USGAAP. Condor’s year-end falls on December 31, so the Group estimates their interest will a three-month lag including any material adjustments, if any.

(**)

Amounts in millions of NIS.

(***)

Amounts as of June 30, 2020, prepared in accordance with BCRA’ regulations. For the purpose of the valuation of the investment in the Company, the adjustments necessary to adequate the Financial Statements to IFRS have been considered

Schedule of significant joint ventures

		Current assets				Non-current assets				Current liabilities				Non-current liabilities				Net assets				% of ownership interest held				Interest in associates / joint ventures				Goodwill and others				Book value
		As of June 30, 2020
Associates
BHSA			76,869				43,610				102,290				4,629				13,560				29.91	%			4,056				17				4,073
Gav-Yam			41,963				165,878				19,791				117,752				70,298				34.90	%			24,534				2,743				27,277
Shufersal			73,348				187,032				91,899				129,224				39,257				26.02	%			10,213				17,898				28,111

Joint ventures
Quality Invest (ii)			4				5,525				87				1,302				4,140				50.00	%			2,070				31				2,101

		As of June 30, 2019
Associates
BHSA			87,812				31,989				89,513				15,287				15,001				29.91	%			4,487				35				4,451
PBEL			3,173				853				632				12,128				(8,734	)			45.00	%			(3,930	)			5,910				1,980
Shufersal			51,741				89,475				54,708				54,794				31,714				26.02	%			8,253				14,761				23,014

Joint ventures
Quality Invest (ii)			24				4,921				118				1,152				3,675				50.00	%			1,838				32				1,870
Mehadrin			11,890				15,318				13,068				3,719				10,421				45.41	%			4,733				112				4,846

		Revenues				Net income / (loss)				Total comprehensive income / (loss)				Dividends distributed to non-controlling shareholders				Cash of operating activitie				Cash of investment activities				Cash of financial activities				Net increase / (decrease) in cash and cash equivalents
		Year ended June 30, 2020 (i)
Associates
BHSA			13,033				(1,272	)			(1,272	)			-				4,656				37				(3,465	)			1,228
Gav-Yam			11,551				6,765				5,456				3,587				5,086				(5,723	)			15,869				15,232
Shufersal			218,000				5,046				4,500				1,435				21,874				(2,709	)			(13,793	)			5,372

Joint ventures
Quality Invest (ii)			4				5,525				87				1,302				4,140				1				2,070				31

		Year ended June 30, 2019 (i)
Associates
BHSA			24,306				2,426				2,426				358				11,348				(2,917	)			(7,209	)			1,222
PBEL			12				(260	)			(319	)			-				57				239				(306	)			(10	)
Shufersal			165,640				3,165				3,148				2,448				4,457				(11,530	)			1,396				(5,677	)

Joint ventures
Quality Invest (ii)			35				(1,167	)			(1,167	)			-				(124	)			-				124				-
Mehadrin			17,330				775				819				-				671				(277	)			(1,262	)			(868	)

(i)

Information under GAAP applicable in the associate and joint ventures´ jurisdiction.

(ii)

In March 2011, Quality acquired an industrial plant located in San Martín, Province of Buenos Aires. The facilities are suitable for multiple uses. On January 20, 2015, Quality agreed with the Municipality of San Martin on certain re zoning and other urban planning matters (“the Agreement”) to surrender a non-significant portion of the land and a monetary consideration of Ps. 40 million, payable in two installments of Ps. 20 each, the first of which was actually paid on June 30, 2015. In July 2017, the Agreement was amended as follows: 1) a revised zoning plan must be submitted within 120 days as from the amendment date, and 2) the second installment of the monetary considerations was increased to Ps. 71 million payables in 18 equal monthly installments. On March 8, 2018, it was agreed with the well-known Gehl Study (Denmark) - Urban Quality Consultant - the elaboration of a Master Plan, generating a modern concept of New Urban District of Mixed Uses.

(iii)

Information under BCRA Standards except for the book value of the interest in the associate, goodwill and others.